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Last month I found my buyer a home she loved listed for $75,900 we offered $70K it was a short sale so we signed all required documents, This week the bank stated its appraised at $145K. I don't understand how can they raise a price after a listing has been signed to a set amount and if its a short sale the bank should have known how much they wanted to cover the balance before placing the home on the market. Any Ideas.
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Many listing agents are listing the short sales wayyy below the payoff amount to get an offer. When the offer is presented to the bank and while it is processed, weeks or months, the foreclosure gets delayed and the house come off the foreclosure list.As it's been explained to you above, the banks don't set the list price, the sellers and their agent determine that. Banks don't even start looking at the file to accept or deny the short sale until there is an offer.Your contract should have had a contingency from the seller too explaining that the bank has to accept the contract too.Naima
Did you look at the comps? If the list price is 50% of what it comps out at, then you can be sure that the bank will not take an offer that low.Talk to the listing agent for some insight. And like suggested before, get some education about short sales. The SFR class doesn't take too long and the information you get will make a world of difference.
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